How to Claim Insurance After Your Car Is Stolen?
Car theft is one of the most frequently occurring crimes and by no means is it less distressing than crimes of more grave nature. Cars are a big investment for all, and rank second to a house. You may have often wondered how to make a car or motor insurance claim when your vehicle is stolen. Theft of a priced possession can be very heart breaking.
In this case you as the insured must inform both the police and the insurance firm about the theft. A representative from the insurance firm will help you to make the claim. It is important to note that you can make a claim only if your vehicle is covered under the comprehensive insurance policy which not only includes third party cover but loss or damage to the vehicle owing to an accident, theft, fire or natural calamities.
When you buy a car in India, you are required by law to purchase an adequate insurance cover. The auto insurance cover will act as a safety net which will save you from financial distress in the event of car theft. After you have discovered the loss there is a procedure which you need to follow. It is necessary that you follow these 5 simple steps:
Firstly, file an FIR: After you discover the theft of your car, head to the police station and lodge the First Information Report or the FIR. An FIR lays the foundation for a claim and under no circumstance should you miss this step. It is the official proof that the car has been stolen.
Make sure you inform the insurer: Next, it is essential that you inform the insurer. Each company will have their own procedure, so it is necessary that you act promptly
Also required to inform the RTO (Road Transportation Office): After the car theft you must inform the Road Transportation Office. This will ensure that the thief cannot transfer the vehicle to his name easily. You must submit the intimation in writing. Additionally, you will have to submit the acknowledgement to the car insurance company. Make sure that you are furnished with the RTO transfer papers which you will need to make a claim.
Keep necessary documents ready beforehand: After the relevant authorities have been informed, your next responsibility is to get the necessary documents in place. When you have the documents ready, you can submit them along with the claim form to the insurance company. You can avoid complications later if you submit the necessary documents on time. Some documents which you are required to submit includes:
- Duly signed claim form
- Copy of the original FIR
- Copy of the policy documents
- One copy of the driving license
- Keys to the vehicle(original)
- A copy of the vehicle’s RC and
- Duly signed RTO papers
Lastly, it is important to get the no trace report from the police which will say that the vehicle cannot be traced. Your car insurance will not be processed without this document. It is important to note that the police will take close to a month to generate this report.
Before you call the police confirm whether your vehicle has been actually stolen. When you call the police give them a detailed description of the vehicle, provide all necessary documents along with the license plate number. It is important to bear in mind that the insurance company will make the payout only after receiving the “no-trace” certificate. After you inform the insurance company, it will employ investigators to locate your car. In case the investigators cannot locate the car, the insurance company will generate an IDV or an Insured Declared Value for your car.